45 S Morley St · Baltimore, MD 21229

$79,900

2 bd · 1.0 ba · 1,176 sqft · Townhouse public records · 23 Days on market

Built 1925 Est $101k · 21% under

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Why this score? — see what drove the B+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +3.8/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks

pictures are old and new

Key facts

• Built 1925
• Listed 23 days

Property features AI

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; Electric cooling fuel
• Home design: End-of-row townhouse; Fee simple ownership
• Construction: Brick construction; Other type of foundation
• Exterior features: Not in a federal flood zone; Ground rent paid annually; Pets allowed with no restrictions; Above-grade and below-grade structures present

Interior

• Bedrooms: Two bedrooms on the first upper level
• Bathrooms: One full bathroom (all upper levels)
• Heating & cooling: Forced air heating; Central air conditioning; Natural gas heating and hot water
• Interior features: Full basement; Living area measured by assessor

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath townhouse listed at $80k.

Deal economics

• At list price, monthly cash flow is $616 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $80k).
• Recommended offer: $79k (1.5% below list) — sets the bar for market timing.
• Cap rate 15.5% vs local median 6.0% in Baltimore — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 76/100 on livability (#90 in MD, #3,396 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, housing A+; Watch: schools D, crime F.
• Baltimore City Public Schools (urban): math 7% / reading 16% proficiency, ranked #24 of 24 in MD (top 100%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 79% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+5.4%/yr); 252 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,273 units permitted in Baltimore city in 2024 (1,104 in 5+ unit buildings).
• This rent runs 32% of the median local income ($60k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $552 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Baltimore County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 5.4% rent growth), your $22k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($79k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 20y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: property tax is 2.7% of price; built in 1925 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $78,701 (1.5% below list)

Questions for the listing agent

1. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
6. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
7. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
8. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.98% ✓
• Cap rate: 15.55%
• Cash-on-cash: 33.05%
• DSCR: 2.47
• GRM: 4.2

CMA / ARV

• ARV (on-the-fly): $101,136
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
21 Culver St	0.11mi	2/2.0	1,260 (+7%)	1mo	$210,000	$167	78
107 N Monastery Ave	0.18mi	2/1.5	1,080 (-8%)	2mo	$65,000	$60	74
222 N Hilton St	0.27mi	3/1.0 (+1)	1,120 (-5%)	1mo	$89,775	$80	74
21 Monastery Ave S	0.19mi	2/1.0	1,320 (+12%)	3mo	$65,000	$49	68
119 Hilton St	0.18mi	2/2.0	1,040 (-12%)	0mo	$211,000	$203	68
38 N Monastery Ave	0.19mi	3/2.0 (+1)	1,260 (+7%)	3mo	$90,000	$71	68
28 S Bernice Ave	0.27mi	3/1.0 (+1)	1,280 (+9%)	1mo	$147,000	$115	67
125 S Morley St S	0.10mi	3/1.5 (+1)	1,350 (+15%)	2mo	$70,000	$52	62
300 Denison St	0.36mi	3/2.0 (+1)	1,260 (+7%)	2mo	$205,000	$163	61
5 Rosedale St S	0.33mi	3/2.0 (+1)	1,280 (+9%)	1mo	$110,000	$86	60
209 Mount Holly St	0.39mi	3/2.0 (+1)	1,080 (-8%)	2mo	$228,000	$211	58
3043 Arunah Ave	0.73mi	3/1.0 (+1)	1,314 (+12%)	3mo	$95,000	$72	39

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 5.38% rent growth · sell at horizon

5-year hold

• IRR: 31.1%
• Equity multiple: 2.35×
• Total profit: $30,237
• Equity at exit: $11,913

10-year hold

• IRR: 39.7%
• Equity multiple: 5.19×
• Total profit: $93,830
• Equity at exit: $6,908

Cash invested: $22,372 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (CITY): 12 Strongly Tenant-Friendly
• State Maryland: 27 Tenant-Leaning · D+14
• County: — inherits STATE
• City Baltimore: 12 Strongly Tenant-Friendly · D+58

Just-cause for tenancies > 1 yr.

Methodology + full state rankings →

ZIP-level market 21229

• Rents YoY: 5.4%
• Active inventory: 252
• Price-to-rent: 4.2×

Monthly cashflow live

• Estimated rent: $1,579 high
• Mortgage (P&I): −$419
• Tax from tax record: −$179 /mo · $2,146/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$332
• Net cashflow: $616

Break-even live

Break-even rent $799

Max offer price $79,900

Occupancy floor 56%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $19,975
• Closing costs: $2,397
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3336 W Caton Ave Baltimore, MD	3.0	2.0	1236	$1,625	$1.31	23d	1	0.10mi
3310 Elbert St Baltimore, MD	2.0	1.0	920	$1,550	$1.68	23d	1	0.12mi
41 N Kossuth St Baltimore, MD	3.0	2.0	1216	$1,800	$1.48	23d	1	0.17mi
147 Denison St Baltimore, MD	1.0	1.0	1370	$1,100	$0.80	23d	1	0.24mi
3607 W Lexington St Baltimore, MD	3.0	2.0	1050	$1,895	$1.80	4d	1	0.31mi
212 S Loudon Ave Baltimore, MD	3.0	1.5	1310	$1,550	$1.18	43d	1	0.44mi
4018 Massachusetts Ave Baltimore, MD	3.0	1.0	1050	$1,400	$1.33	23d	1	0.46mi
3706 W Franklin St Unit 1 Baltimore, MD	2.0	1.0	735	$1,100	$1.50	4d	1	0.51mi
3423 Edmondson Ave Baltimore, MD	2.0	1.5	1400	$1,710	$1.22	43d	1	0.54mi
3130 Stafford St Baltimore, MD	3.0	1.0	1200	$1,500	$1.25	20d	1	0.55mi
304 Collins Ave Unit 2 Baltimore, MD	3.0	1.0	1016	$2,100	$2.07	43d	1	0.58mi
304 Collins Ave Unit 1 Baltimore, MD	1.0	1.0	845	$1,600	$1.89	43d	1	0.58mi
2 S Woodington Rd Baltimore, MD	2.0	1.0	856	$1,160	$1.36	14d	1	0.64mi
2 N Woodington Rd Baltimore, MD	1.0–2.0	1.0	738	$1,335	$1.81	2d	5	0.65mi
709 Denison St Baltimore, MD	2.0	2.0	840	$1,630	$1.94	23d	1	0.67mi
3712 Gelston Dr Baltimore, MD	3.0	2.0	1250	$2,500	$2.00	23d	1	0.72mi
780 Linnard St Baltimore, MD	3.0	2.0	1224	$1,590	$1.30	43d	1	0.76mi
787 N Grantley St Baltimore, MD	3.0	1.0	1116	$1,575	$1.41	23d	1	0.77mi
798 N Grantley St Baltimore, MD	3.0	2.0	1360	$2,295	$1.69	23d	1	0.80mi
4020 Gelston Dr Baltimore, MD	3.0	2.0	1270	$1,875	$1.48	43d	1	0.81mi
111 Upmanor Rd Baltimore, MD	3.0	1.5	1224	$2,163	$1.77	43d	1	0.82mi
3015 Rayner Ave Baltimore, MD	3.0	1.0	1152	$1,350	$1.17	43d	1	0.82mi
3392 Saint Benedict St Baltimore, MD	2.0	1.0	864	$1,450	$1.68	23d	1	0.83mi
4301 Parkton St Baltimore, MD	1.0–3.0	1.0	730	$1,264	$1.73	43d	1	0.86mi
2537 Hollins St Baltimore, MD	3.0	2.0	1200	$1,450	$1.21	23d	1	0.94mi
332 S Franklintown Rd Unit 2 Baltimore, MD	2.0	1.0	776	$795	$1.02	23d	1	0.95mi
2636 Lauretta Ave Baltimore, MD	3.0	2.5	1232	$1,900	$1.54	43d	1	0.96mi
2516 Hollins St Baltimore, MD	3.0	2.0	1100	$1,700	$1.55	43d	1	0.97mi
2657 Lehman St Unit 1 Baltimore, MD	2.0	1.0	1056	$1,000	$0.95	43d	1	0.98mi
2609 Lauretta Ave Baltimore, MD	3.0	1.0	1286	$1,675	$1.30	23d	1	0.98mi
2738 Wilkens Ave Baltimore, MD	3.0	1.0	1183	$1,500	$1.27	43d	1	0.99mi
2540 Frederick Ave Baltimore, MD	3.0	1.0	1075	$1,400	$1.30	23d	1	0.99mi
110 S Catherine St Unit 1 Baltimore, MD	2.0	1.0	1330	$1,500	$1.13	43d	1	1.01mi
4520 Scarlet Oak Ln Baltimore, MD	2.0	1.0	1025	$1,500	$1.46	43d	1	1.01mi
2737 Wilkens Ave Baltimore, MD	3.0	1.5	1232	$1,650	$1.34	4d	1	1.01mi
4601 Pen Lucy Rd Unit 4714-B Baltimore, MD	2.0	1.0	730	$1,205	$1.65	14d	1	1.04mi
4601 Pen Lucy Rd Unit 103-H Baltimore, MD	2.0	1.0	798	$1,315	$1.65	23d	1	1.04mi
4601 Pen Lucy Rd Unit 4718-F Baltimore, MD	2.0	1.0	879	$1,225	$1.39	1d	1	1.04mi
2671 Saint Benedict St Baltimore, MD	2.0	1.0	1144	$1,325	$1.16	43d	1	1.04mi
4601 Pen Lucy Rd Unit 4615-G Baltimore, MD	2.0	1.0	798	$1,200	$1.50	21d	1	1.04mi

Listing history 37 events

1. 2026-06-18
   days on market $79,900 Active 23 DOM
2. 2026-06-17
   days on market $79,900 Active 22 DOM
3. 2026-06-16
   days on market $79,900 Active 21 DOM
4. 2026-06-15
   days on market $79,900 Active 20 DOM
5. 2026-06-13
   days on market $79,900 Active 18 DOM
6. 2026-06-09
   days on market $79,900 Active 14 DOM
7. 2026-06-08
   days on market $79,900 Active 13 DOM
8. 2026-06-07
   days on market $79,900 Active 12 DOM
9. 2026-06-04
   days on market $79,900 Active 9 DOM
10. 2026-06-03
    days on market $79,900 Active 8 DOM
11. 2026-06-02
    days on market $79,900 Active 7 DOM
12. 2026-06-01
    days on market $79,900 Active 6 DOM
13. 2026-05-31
    days on market $79,900 Active 5 DOM
14. 2026-05-26
    listed $79,900 Active
15. 2023-08-17
    historical
16. 2023-05-05
    price $115,000
17. 2023-02-03
    price $125,000
18. 2023-01-19
    price $130,000
19. 2022-11-18
    price $135,000
20. 2022-11-04
    listed $140,000 Active
21. 2021-09-16
    historical
22. 2021-08-31
    listed $160,000 Active
23. 2018-11-15
    soldstatus $355,000
24. 2018-11-02
    historical
25. 2018-11-02
    listed $27,000
26. 2018-10-31
    soldstatus $27,000
27. 2009-12-02
    historical
28. 2009-12-02
    historical
29. 2008-10-31
    price
30. 2007-10-25
    price
31. 2007-01-03
    listed $75,000
32. 2007-01-03
    listed
33. 2007-01-01
    historical
34. 2007-01-01
    historical
35. 2006-05-24
    listed
36. 2006-05-24
    listed $89,900
37. 1986-10-07
    soldstatus $51,120

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast MD · Partial reset (capped growth)

• Current annual tax: $2,146 · $179/mo
• Projected year-2 tax: $2,146 · $179/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥103°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,946
• − Mortgage interest: −$4,476
• − Property taxes: −$2,146
• − Insurance: −$400
• − Repairs & maintenance: −$1,516
• − Management: −$1,516
• − Depreciation: −$2,324
• Taxable income: $6,569
• Est. tax owed @ 24.0%: −$1,577
• After-tax cash flow: $5,817/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Baltimore City Public Schools
• NCES district ID: 2400090
• Math proficiency: 7% ▼ -9.00%
• Reading proficiency: 16% ▼ -5.00%
• Median HH income: $42,108
• Composite: 10.08/100
• National rank: #9805
• State rank: #24 of 24 in MD

Livability — Baltimore

• Score: 76/100
• State rank: #90
• US rank: #3396

Category grades

Amenities A+ Commute A+ Cost of living A- Crime F Employment C Housing A+ Health & safety A+ User ratings D-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Baltimore, MD
• County: Baltimore City · 558,601 people
• City population: 588,727
• Metro: Baltimore-Columbia-Towson, MD
• Population (ZIP): 46,679
• Household income: $60,047
• Rent vs Own: 43.1% rent · 56.9% own
• Severe rent burden: 2776.0

Population outlook (Baltimore County) Hauer SSP2

• Today (2025): 624,249 people
• By 2030: 621,541 · -0.4%
• By 2040: 609,756 · -2.3%
• By 2050: 597,249 · -4.3%
• By 2075: 552,236 · -11.5%
• By 2100: 513,934 · -17.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Black (73%)
• Race & ethnicity: Black 73% White 15% Hispanic / Latino 6% Two or more races 4% Asian 3%
• Common ancestry: Lithuanian 1% Romanian 1% Serbian 1%
• Foreign-born: 5% · Canada, Philippines
• Languages at home: 91% English-only · Spanish 4% Other Indo-European 2% Other Asian/Pacific 1%

Political lean MEDSL · Baltimore

• 2024 margin: Solid D (+73.0) · D 85.2% · R 12.2% · Other 2.6%
• 2008→2024 swing: -2.5pp toward R · 2008: 75.5pp · 2024: 73.0pp
• All cycles: 2024: D+73.0 2020: D+76.6 2016: D+74.6 2012: D+76.4 2008: D+75.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -259.07%
• Current HPI: 226.896
• Rent YoY: ▲ 5.38%
• Metro: Baltimore-Columbia-Towson, MD
• State GDP YoY: ▲ 2.97%
• F500 in state: 12

Industry mix (Fortune 500 HQ in MD)

Industry	F500 HQs	Revenue
▸Aerospace / Defense	1	$71B
▸Utilities	1	$25B
▸Hotels	1	$24B
▸Consumer Goods	1	$7B
▸Real Estate	1	$6B
▸Chemicals	1	$2B

Price history

+56.3% since first listed

24 events — show timeline

• 2026-05-26 Listed $79,900 BRIGHT MLS
• 2023-08-17 Listing Removed — BRIGHT MLS
• 2023-05-05 Price Changed $115,000 BRIGHT MLS
• 2023-02-03 Price Changed $125,000 BRIGHT MLS
• 2023-01-19 Price Changed $130,000 BRIGHT MLS
• 2022-11-18 Price Changed $135,000 BRIGHT MLS
• 2022-11-04 Listed $140,000 BRIGHT MLS
• 2021-09-16 Listing Removed — BRIGHT MLS
• 2021-08-31 Listed $160,000 BRIGHT MLS
• 2018-11-15 Sold (Public Records) $355,000 Public Records
• 2018-11-02 Listing Removed — BRIGHT MLS
• 2018-11-02 Listed $27,000 BRIGHT MLS
• 2018-10-31 Sold (MLS) $27,000 BRIGHT MLS
• 2009-12-02 Listing Removed — BRIGHT MLS
• 2009-12-02 Delisted — MRIS
• 2008-10-31 Price Changed — MRIS
• 2007-10-25 Price Changed — MRIS
• 2007-01-03 Listed — MRIS
• 2007-01-03 Listed $75,000 BRIGHT MLS
• 2007-01-01 Listing Removed — BRIGHT MLS
• 2007-01-01 Delisted — MRIS
• 2006-05-24 Listed $89,900 BRIGHT MLS
• 2006-05-24 Listed — MRIS
• 1986-10-07 Sold (Public Records) $51,120 Public Records

Property tax history

+3.7%/yr

Latest (2025): $2,146 · +45.6% YoY. Source: county tax records.